09-18-2014, 11:33 AM
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#189
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Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
Casino cash: $1730752
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Quote:
Originally Posted by JohnnyHammersticks
Actually, this is 100% false. The higher your credit usage is--i.e., ratio of credit used to credit available--the lower your credit score is. If you have $50,000 in available credit and have a revolving balance of around $25K, you're going to get dinged pretty hard for having 50% credit usage. The lower your credit usage ratio is, the higher your credit score.
Sounds like the original poster is getting screwed. I underwrote residential and commercial loans for years, and if the scenario the OP laid out is accurate, his FICO should be in the high 700's to low 800's. I would recommend ordering a full tri-merge credit report which shows all 3 scores. Maybe one of the 3 credit bureaus--Experian, Equifax, or TransUnion--has erroneous info. Make sure to look at all pages of the credit report, including the Public Records section, which shows any past or outstanding liens and/or judgements.
Unfortunately the credit bureaus intentionally make it almost impossible to contact them and review things that may be impacting your credit score negatively. Just another in a long line of banking/finance-related scams that Wall Street and its minions use to screw the average hard-working person.
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Wait what?
Having 100k credit limit and only using 1k is worse than having 100k credit limit and using 75k?
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Hey Loochy, I'm hoooome!
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